Revenue $757.9m +232% YoYSubscription Rev $156.5m (21% of total rev) +133% YoYGross Profit $328.7m +214% YoYGross Margin 43.4% (Connected 39.4%, Subscription 58.5%)Net Income $69.3mEBITDA $118.9m, 15.7% marginSubscriptions - Connected Fitness 1.33m +137% YoY Digital 510k +382% YoY Churn 0.65%Workouts per Sub 20.7, slightly lower than prior Q of 24.7, significantly higher than prior Y of 11.7No mention of current backlog (was $230m from prior Q)Guidance for Q2Revenue $1b +115%Gross Margin 39% (lower due to projected shipping related expenses)EBITDA $70m or 7% marginConnected Fitness 1.63m +129%Churn < 0.85%Sounding like they see an opportunity for investment (for this quarter, R&D up 110%, Marketing up 48%) as revenue and subscriptions will continue to grow but EBITDA is being guided down. Will be interested to see if they discuss backlog/demand on the call
Ever since AYX I have been wary of YoY figures. In the case of AYX those figures hid rapidly slowing growth. For PTON they had a very successful 2Q20 (3 quarters ago) which inflates the YoY figure for the next 3 quarters, masking what is going on.The QoQ figures show accelerating growth. From what I have cobbled together: QoQ QoQ Annualised Forecast2Q20 104.5% 1649.5%3Q20 12.5% 60.2%4Q20 15.7% 79.4%1Q21 24.8% 142.9% 19.4%2Q21 202.7% 31.9%The current quarter's 24.8% growth annualised is 142.9%!The next quarter's forecast of 31.9% growth annualised is 202.7%! And they will likely beat that!I dipped into PTON a few weeks ago but based on the growth story made it my 4th largest position yesterday after selling out of DDOG (slowing growth).Long ZM DOCU TDOC PTON CRWD SE
QoQ QoQ Annualised Forecast2Q20 104.5% 1649.5%3Q20 12.5% 60.2%4Q20 15.7% 79.4%1Q21 24.8% 142.9% 19.4%2Q21 202.7% 31.9%
Forgot to post this bit - they also revised FY21 guidance up versus guidance from prior quarter's press releaseRevenue from high of $3.65B to $3.9B+, or +110% YoYEBITDA from high of $275m to $300m, or 7.7% marginSubscriptions (Connected only) from 2.1m to 2.17m, or +99% YoYGross Margin steady at 41%Churn reduced from < 1% to < 0.9%5thhorseman,I think your point regarding masking of slowing growth is only pertinent to 1/5 of Peloton's current business (the subscriptions), as currently 80% of its revenues are hardware related. It's hard for the company to "mask" decelerating growth from a revenue perspective since they are physical deliveries (you can't assume you will "keep" the revenue for next quarter). This is imo what has kept Saul away (hard to continue to find a new customer to sell a widget to, much easier to keep recurring revenue if it's a subscription)I would say that's where the backlog comes into play (I think of this as the equivalent of "billings" for subscription companies). Biggest risk is a slow down in demand/fad, but at only 1.3m units currently (2m projected by 6/30/22) and the increased guidance, I think there's still a lot of room to grow over the next year.I'm very bullish on the company because even if you took away the hardware and just looked at the subscription revenue of $156m, you're talking about a company priced at 37B with 600m annualized rev growing at 133% YoY, which seems fair when compared to the alternatives out there. Just my two cents
Wow! (This is at a glance. I plan to dive in and read it all as soon as possible....)Subscriptions:- Connected Fitness Subscriptions grew 137% to over 1.33 million- Paid Digital Subscriptions grew 382% to over 510,000; - total Members grew to over 3.6 millionBased on these numbers they have about 1.8M unpaid members? Looking at the website there are only 30-day free trials, but no free tier. Is it possible these are all 30-day free trials??The only part that makes me sad is that 39% GM. The thesis here is this will improve as they get more members using the same content on the digital side, but still...they have to earn twice as much revenue as some of our other companies to get the same earnings. Hopefully we see the subscription margin climb from 58.5% each quarter. However, the full year forecast for GM is only 41% and this is only the first quarter. I'm calling this a red flag to watch. Another measure of this aspect to watch: Q1 Net Income was $69.3 million off $1 billion. This breaks down to (leaving all caps from copy-and-paste):- TOTAL OPERATING EXPENSES: $259.8 million 34.3% of revenue- SALES AND MARKETING: $114.6 million 15.1% of revenue- GENERAL AND ADMINISTRATIVE: $108.6 million 14.3% of revenue- RESEARCH AND DEVELOPMENT: $36.6 million 4.8% of revenue
- TOTAL OPERATING EXPENSES: $259.8 million 34.3% of revenue- SALES AND MARKETING: $114.6 million 15.1% of revenue- GENERAL AND ADMINISTRATIVE: $108.6 million 14.3% of revenue- RESEARCH AND DEVELOPMENT: $36.6 million 4.8% of revenue
The investment (bull) thesis here is - accelerating total rev and subs rev growth- tripple digit subs rev growth- 4b annual revs/800-900m subs annual revs- remaining long runaway for growth- profitable, with increasing profitabilityHow much would that be worth? I guess 50b cap is reasonable vs today‘s after market around 35b. 40% upside at hand.Yes, gadget/hardware, relatively low gross margin in the 40s, but subs revs soon will reach 1b. If u apply 50x multiple, u get rest for free.Best,V
Hi 5th Horseman,Thanks for posting. I look at sequential growth as well and like how you formatted the numbers. Visualizing Q2's $150.8M increase in addition to Q1's $82.5M increase helps me to navigate the lumpiness in quarters: Q2's 469% and Q4's $238M increase. I agree with Alphalite and am interested in the backlog. Ordered my wife a bike last month, set to arrive Dec 11th. I wonder how many people are hoping for deliveries before Christmas. Digital subscriptions grew 61% from 316,800 to 510,000 in one quarter. 194,000 new members of recurring revenue without hardware. Some of these may be waiting on new bikes. Thanks JT
Rafes, GM is in high 30s temporary as they take additional shipping expense to bring more bikes from Taiwan for Christmas :). I‘d count low 40 as normal GM (at least for now) and subs GM should trend to 60s. If we take mid/long term approach GM would be going up as subs revs will become bigger piece of the cake.
- total Members grew to over 3.6 millionBased on these numbers they have about 1.8M unpaid members? Looking at the website there are only 30-day free trials, but no free tier. Is it possible these are all 30-day free trials??It is more likely the most part of the 1.8m unpaid members is from a household that has a paid subscription. In my household I purchased the subscription but my wife and 2 kids created member profiles within my subsciption.
Hi Rafe,When Peloton mentions Members, it's anyone who has an account - this can include free trial subscribers, but they also allow multiple members for each piece of hardware, so for example a husband and wife make up two members for one Connected Fitness subscription, and you could even have an apartment gym with one Connected Fitness subscription but many different Members. Hope that helps
I agree that this report looks fantastic. However, PTON is down 7% in AH trading. The press says that Wall Street doesn't like the supply constraints. But with a billion dollars expected in sales in the holiday quarter, lockdowns in Europe, and potential lockdowns in the US -- this seems like an overreaction to me?Peloton said it hopes to meet normalized order-to-delivery windows for its bikes by the end of the calendar year but that wait times for its Bike+ "will likely be elevated for the next couple of quarters."They literally can't meet demand going into the next couple of quarters and will still sell a billion dollars worth of product this quarter. What's not to like?
I would rather have 3 months of backed orders and worry about ramping up production than be trying to find more customers. I just ordered one today for me and my wife and won’t be able to get it until January 30!
"GM is in high 30s temporary as they take additional shipping expense to bring more bikes from Taiwan for Christmas :). I‘d count low 40 as normal GM (at least for now) and subs GM should trend to 60s. If we take mid/long term approach GM would be going up as subs revs will become bigger piece of the cake."Hi LearningInvest0r, you illustrate why I called this "a red flag to watch". The FULL fiscal year guidance is low 40s and there are still 3 more quarters (this was just the first quarter). If this quarter's GM is lower for one-time reasons that is actually worse. It means they expect NO improvement over the next 9 months! Part of my investing thesis is that they will grow subscriptions, which are higher margin, and the GM will improve at both the subscription segment and as a percent of the total GM. If they are growing above 100% overall and much much more than that in the subscription area, then why wouldn't they expect much better operating leverage? Even if they are sandbagging this is a big problem to me. Please poke holes in this thinking if you can.
Ultimately it means in the short term they have a constraint on growth if they can't meet demand. But I expect PTON to climb after the short term reactions.
Apple’s gross margins are the same or lower than Peloton’s. Meanwhile AYX has the highest margins in all of business or near so at 92% and Pure Storage, as an example, has the highest gross margins in its industry. Yet, I see no correlation between high gross margins and stock return. Twilio’s gross margins have always been the lowest in the SaaS industry, complained about by many, and yet has hardly diminished stock return. Gross margin appears to give little in regard to correlation to stock return. History of Apple’s margins https://www.macrotrends.net/stocks/charts/AAPL/apple/profit-...Tinker
Hi Rafes,correct me if I'm wrong, but if they guide for low 40's margin, and in Q1 it is around 39, then it should improve over the course of the year, even more if they are sandbagging, in order to reach their forecast, should it not?Anyway, looking ONLY at their subscription revenues, it is 156.5m, growing at 130% YoY with 58.5% GM, and with the entire PTON currently valued at $37 billion. Compare this to say, Datadog, which will post on 11-10 let's say between 150m-165m revenue representing 57% to 72% YoY growth with a continued GM of 80% and presently valued at $31 billion. (The reason for this revenue growth range is that they usually add 17 million QoQ revenue, plus a generous upside margin to reach +25 million QoQ.)Wouldn't you think that the lower margins of PTON subscription revenue (25% lower than DDOG) is more than compensated by its growth rate (double of DDOG at midpoint), and that in fact based on subscription revenue alone, PTON should be valued the same as DDOG?In such a case, the hardware part of the business which represents 80% of the revenue ($600 million, as total revenue is $758m) and growing well above 100% with margins a little below 40% would be valued at a paltry $6 billion... The whole package seems like a bargain to me. I think it also stems from the fact that growth is so much more valuable than margins, and even then PTON's margins are nothing to be ashamed of.The backlog is more worrying to me, as people might get fed up with the delays. Nevertheless, countering that fear is that even bigger tailwinds await: return to partial lockdowns, Christmas presents, New Year's fitness resolutions, and the checked fact that regular people giving a go at a Peloton spinbike quickly find themselves in the shape of their lives (check YouTube!)Yes the bike looks pricey, but the return in terms of fitness is apparently incredible; it is fun; the spin bike is one of the best; the below $80 monthly fee seems to me as digestable by gym-goers.This post is longer than I wanted, but I hope it has been useful to you and others. After all, I just began investing according to this board's principles. Forgive me if it does not add anything.Best regardsSedi
Rafes, yes, in principle reduction of GM is more negative than positive. The reasons here are"The strong reception of Bike+, combined with challengesassociated with port congestion and COVID-19-relatedwarehouse closures, impacted Bike+ delivery dates formany of our customers and caused significant Memberexperience challenges. Therefore, we are incurring additional shipping-related expenses in Q2 to alleviatesome of the delays ahead of the Holiday period . As a result,we expect Q2 gross margin to temporarily decline to about39%, implying a Connected Fitness Product Gross Marginof 35% and Subscription Contribution Margin of 63%. "For next year GM will be in low 40s, the reason is"For FY 2021 our gross margin guidance remainsunchanged at approximately 41%. We continue to expectConnected Fitness Product Gross Margin to decline year-over-year to approximately 36%, driven primarily byour recent Bike price reduction and continued mix shift toTread . We continue to expect Subscription ContributionMargin in FY 2021 to be roughly flat year-over-year. Weexpect leverage in fixed costs of content production to beoffset by elevated engagement levels, higher penetrationof Digital Subscriptions, and continued fitness andwellness programming investments. We anticipate that year-over-year declines in our grossmargins will be OFFSET by significant year-on-yearleverage in sales and marketing expense and general andadministrative expense ."To sum-up the trend is for GM to go down to low 40s and stabilize there at least for the moment. Last quarter GM was 46.7%. On the other hand - lowering prices allows for more sales to lower income customers catching also middle (and lower?) market. Shift to Tread allows another revenue stream in addition to bike. So, the decision is right from business perspective.As Tinker said - Apple GM is even lower than Peloton's. Considering current revenue growth as well as subscription revenue growth I'm not significantly concerned with low 40s GM at the moment.
As others have noted, a low GM is not strictly a bad thing if the growth is there to compensate for it. But one thing that I haven't seen pointed out with overall gross margin is that it would be a TERRIBLE sign for this company if GM is projected to climbThey disclose that hardware segment GM is 39%, and subscription segment GM is 59%. If GM climbs it means subscription is becoming a bigger part of the business. Well that sounds dandy right? It's exactly what we're looking for from our companies correct?But this would be a sign that demand is tailoring off! The subscription count is a lagging indicator of user demand, especially with the current backlog. If anything, as an investor you'd want overall GM to stick as close to the hardware segment as possible for as long as possible. Subscriptions are almost guaranteed to follow hardware ownership count, after all, you wouldn't pay $2000-$5000 for a Peloton without signing up for the "gym membership" portion of the product. And as mentioned several times in the thread already, even evaluating solely on the subscription portion of the company, the current market price seems fair.
But this would be a sign that demand is tailoring off! The subscription count is a lagging indicator of user demand, especially with the current backlog. If anything, as an investor you'd want overall GM to stick as close to the hardware segment as possible for as long as possible. This uncertainty is why I haven't jumped on PTON. Congrats to all who made money doing so (so far) but the whole thing smells like a) a fad; b) a market timing exercise. PTON sounds like their products are taking the world by storm, but it's really a very small slice of the total population. There is no knowing when the fad subsides, when people stop using it the same way people stop using their new gym memberships every year.In short, never count on the public to *want* to exercise... :-D
I have been watching PTON for some time now. The reason I never invested is because PTON has the feel of a FitBit or GoPro, which were eating the world until they hit a wall. Could be entirely wrong, but that’s what has been holding me back.JilleNo position as of now
Hi Jille,I understand the sentiment. Key difference is the customer investment. It's a lot harder to change your mind once you've invested 3k in your exercise plans. I would assume a large percentage of their customers make payments on their bike vs paying if full up from. That at least retains their customers for the duration of the contract (39 months I think). That's a lot different than buying a $150 Fitbit. Another difference is that a Fitbit user wants to track steps and calorie counts when doing activities, including at the gym. PTON replaces a gym for many.You may absolutely be correct about PTON's success being temporary, but it will most likely be at least several quarters away (if it happens) and there will be plenty of time to get out.Best,Nate
Honestly I've thought the same as jwiest and jille101 for a long time, but the part I was missing is that Peloton is a social tool more than it is an exercise tool. Look at the explosion in internet social gatherings powered by Zoom, Twitch or Discord. Think of Peloton as more of a group dance class or boot camp/CrossFit, or as signing up with a personal trainer, rather than a vanilla gym membership.Fitness by itself is not something exciting for the majority of the population, but fitness in a group with your friends is something people look forward to every day. What Peloton is doing is accessing those niche communities, the Jazzercisers, the Zumba dancers, the Barre groups, and turning fitness into a brand.I sometimes wonder if the backlog is done on purpose by the management so they can create the feel of missing out and exclusivity - those are qualitative measures you can't really get from just a better gadget.All that said, the community could decide to move on to a different thing overnight. But platforms like zoom and discord has had staying power, so I'm willing to ride along with Peloton until the numbers retreat. Just my two cents
Peloton said it hopes to meet normalized order-to-delivery windows for its bikes by the end of the calendar year but that wait times for its Bike+ "will likely be elevated for the next couple of quarters."In the earnings call they said that their goal is 2 week delivery time. They said that in the past quarter wait times have been several weeks longer but that they are devoting considerable effort to expand mfg capacity and to improve delivery logistics. Further they have wait times down now to 3 weeks for some products.For bike + they are ramping up their supply chain to meet delivery targets.They said this will continue for a bit but they expect to reach their delivery goals. Further they answered a question about discouraged buyers. they said nearly all were waiting patiently and they weren't losing sales to competitors which were in any case few with inferior products.So I too believe that the market reaction about supply constraints is a bit "knee-jerk"cheersarnie
Taking some arguments on to show the opposing view. I am by no means an expert in business administration so please do poke holes. It helps me learn!Point:...looking ONLY at their subscription revenues, it is 156.5m, growing at 130% YoY with 58.5% GM, and with the entire PTON currently valued at $37 billion. Compare this to say, Datadog, which will post on 11-10 let's say between 150m-165m revenue representing 57% to 72% YoY growth with a continued GM of 80% and presently valued at $31 billion. (The reason for this revenue growth range is that they usually add 17 million QoQ revenue, plus a generous upside margin to reach +25 million QoQ.)Wouldn't you think that the lower margins of PTON subscription revenue (25% lower than DDOG) is more than compensated by its growth rate (double of DDOG at midpoint), and that in fact based on subscription revenue alone, PTON should be valued the same as DDOG?Reply: Interesting point! You are right (if I did this math right) that the value of each dollar is equivalent when you factor in the different gross margins and growth rates (I didn't plan that by the way, just came out the same), FOR TODAY...$1 x 59% = $0.59 gross income x 130% growth = $1.36$1 x 80% = $0.80 gross income x 70% growth = $1.36...BUT the market is forward looking and we can't cherry pick a small part of a business and compare it for overall market valuation modeling. This is where the difference in business model gets real important. PTON only got a 21% benefit from this growth. Next quarter they may get a bit more but not much. The rest of the business is dependent on producing and selling a new expensive thing over and over. Right now they are backlogged because of unexpected demand. That is a limiting factor. On the other hand, DDOG is going to grow its ENTIRE business by that amount again and again. The potential for a purely digital business to scale is worth far more.Point: Gross margins going up is bad because "...this would be a sign that demand is tailoring off! The subscription count is a lagging indicator of user demand, especially with the current backlog. If anything, as an investor you'd want overall GM to stick as close to the hardware segment as possible for as long as possible."Reply: This makes no sense to me at all. We always want GM to get better. It means the business is operating more efficiently (operational leverage is improving, or management is bad and is cutting corners, which is a whole different issue). It has no correlation with demand as they can sign on more subscribers, while still selling greater numbers of hardware, and if the subscribers are more valuable (GM-wise) and outpace hardware, the GM will climb. This was my original point. I see no reason why "subscriptions are almost guaranteed to follow hardware ownership count". This implies that the only subscribers of content are those which have also bought equipment, which is not true at Peloton. If GM stuck to the hardware it would be a direct sign that the digital content subscription side is failing to grow, which would be a reason to sell in my opinion. Basically my thesis for investing revolves around them scaling beyond hardware before that business starts to tire out (which may take years, who knows). I feel like this is the company's mission as well, even if they wouldn't put it in those terms ;p.In other words, they SHOULD be improving margins on subscriptions, even when there are fixed overhead costs, because you can sell to more people without paying more for the content (overhead only scales marginally as digital content only gets produced once and is then cheap to deliver over and over compared to physical goods). With hardware, the margins are much harder to improve as the economies of scale on real goods do not scale infinitely like digital goods. Real goods are made of real materials which have a raw material base value that you can't reduce beyond without coming up with new materials or optimizing techniques. Even after making a million bikes the next one has similar margins. If it were digital that next one would be almost pure profit. ...and that is before you factor in that digital makes money again every month while hardware may last years before an upgrade is made (if it is made). So digital has two ways to reduce margins which compound on each other: selling to more people and selling to the same people longer. Finally digital can expand across distances without any issue (even getting translated if needed). Hardware has shipping and customs issues to solve in each new location which adds localized GM which has to be overcome by local scaling efforts again and again.
$1 x 59% = $0.59 gross income x 130% growth = $1.36$1 x 80% = $0.80 gross income x 70% growth = $1.36
Hi Arnie and others,Do you have any idea if they book the revenue for these orders when the order happens or is it more like a wait list where that could get pushed out? I'm wondering how this backlog may affect future quarter revenue reporting.
I am not an accountant but typically revenue is recognized when it ships, not when it is ordered.It goes into the backlog bucket from time of order until it ships.
Hi Rafe,The connected fitness membership (1.3m) at $39 per month is only available to those who purchase a piece of Peloton hardware. The digital only subscribers (510k) are billed $13 a month and thus do not contribute as much margin. Management has said all along that the digital only program is mainly run as marketing to try and upsell into a bike or tread and the more lucrative $39 a month membership.That's why I say subscriptions are almost guaranteed to follow hardware ownership count, because the more valuable connected fitness subscription is tied to it. The digital only subscribers in terms of dollars contributed has 1/8 impact of connected fitness members.You are incorrect about the company's mission. Peloton is not a pure software play and management does not intend for it to be such. The business model and management's goal is not to chase only high margin digital subscriptions as they want to create a holistic experience for their customers. A digital only subscription company would not create the kind of lock in and low churn numbers that Peloton has and would be prone to incredible competition (after all, you'd just be masquerading as a video streaming company with hired fitness personalities). Their model is accessing the sunk cost/commitment psychology in people (if I'm already paying $49 a month for this bike for 39 months, it'd be a waste not to also buy the subscription for $39 a month) and also the social aspects discussed before.So you see their main source of customer satisfaction and how they try to feed their flywheel is the hardware and the experience associated with complimentary software. There have been many digital only fitness brands/companies that don't get the same enthusiasm, so contrary to our usual way of thinking hardware is the competitive advantage, or moat if you must use that phrase.I understand that Saul has taught that selling widgets is riskier than pure subscription business models, and he's right for all the reasons you listed. And I believe this is why many members on the board have not taken to the company yet, as GM will never be as good as a pure software play like CRWD or DDOG. But I think in writing off the company because there is a widget/hardware component, members of the board is missing an incredible growth story. It's a company reminiscent of early NKE/LULU on steroids WITH a software component, brimming with fanatical fans, and priced very cheaply currently at that.
Hi Rafe,I can answer your question about revenue recognition since accounting is my field. Per their annual financial statements, under note 3, revenue for bikes is recognized when delivered to customer. So even delivery in progress would not be counted as revenue. Source: Page 70 ofhttps://investor.onepeloton.com/static-files/9595d9d3-9e56-4...
Aphilite, Thank you for laying that out so clearly. I got the sense that we would see digital subscriptions get more profitable but after doing a bit more reading I agree that the value proposition seems weaker than I was thinking it would. On Reddit I came across a thread with Peleton subscribers telling people to try other sources of content if looking for non-bike workouts (literally providing other recommendations even though they were subscribers themselves). I was thinking Peleton would leverage some of the interactive and social aspects of their content to stand out but it sounds like that is focused on Connected Fitness members. I suppose I was projecting what I wanted to see happen rather than what is happening. A dangerous mistake that pops up from time to time in my in investing journey.I’m still surprised they don’t expect to grow GM more over the next 3 quarters but I’m willing to lower the red flag in lieu of a yellow perhaps. I’m holding a 10% position right now; the smallest of 7 but still large. I have to admit this feels like it is the most likely to shrink if other opportunities arrive, simply because I get nervous about people being less keen to do all this stuff at home as the pandemic progresses. Which seems to be backed up by the workout frequency trend in the earnings report. We started out doing all sorts of at-home exercise in our home and it has nearly dried up, especially as our building’s gym has become available by reservation (to allow max 4 people at a time. It is quite large so this feels pretty empty). Anyway, so while there is a lot to love here, the combination of personal experience of the pandemic and this being a departure from the kind of company I’ve grown to love at this time has me questioning my initial level of conviction. A decline in sales feels so inevitable to me, even if it is not anytime soon. This is a personal conclusion of course.
...BUT the market is forward looking and we can't cherry pick a small part of a business and compare it for overall market valuation modeling. This is where the difference in business model gets real important. PTON only got a 21% benefit from this growth. Next quarter they may get a bit more but not much. The rest of the business is dependent on producing and selling a new expensive thing over and over. Right now they are backlogged because of unexpected demand. That is a limiting factor. On the other hand, DDOG is going to grow its ENTIRE business by that amount again and again. The potential for a purely digital business to scale is worth far more.Rafe 1.I am not sure what your 21% benefit alludes to, a business metric? or stock value?2. Reviewing the PTON lit and earnings call I came away with the impression that mgt was looking to growth in subscription and usage as a major contributor to future revenues. They also talk about bike+ and "tread" equipment and the certified use bike program as further contributors (although people don't seem in a hurry to sell bikes) So I get the impression that selling an expensive thing repeatedly is not their only source of rev growth. But it may turn out that way.3.As you point out DDOG is going to grow its entire business over and over. It certainly seems so. But I would take that as a good reason to maybe hold PTON for a few quarters (maybe not)and then sell it all and buy DDOG.Currently long PTON and very long DDOG.4. And there is also the question of how long is too long?cheersarnie
21% is the reported subscription revenue as a percentage of total revenue. In case my comments may seem to have a negative tone, keep in mind I do have a healthy longterm stake at the same time. The fact that the backlog orders will be counted in the next report and they still show impressive revenue growth just goes to show how strong growth is for at least the next quarter and likely beyond. I’m happy at this moment in time. I’ll take it quarter by quarter but still hope for long term success. My comments and questions are designed to form a realistic view of what is solid and what deserves to be watched more closely.
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